Dr. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, has clarified the fate of customer deposits following the Central Bank of Nigeria’s (CBN) 31st March recapitalization deadline.

Speaking in an interview on Monday, Ogunbunka explained that banks unable to meet the minimum capital requirements or secure a merger would have their customers transferred to other banks.

According to him, “I don’t think there is risk here other than the bank’s customers moving to other banks in the case of inability to get a merger or liquidation.”

He further reassured customers, stating, “I can’t tell the exact number of banks that have met up with CBN’s recapitalization requirement because the data is updated daily, but I think there is no cause for alarm among bank customers.”

Last month, the CBN confirmed that at least 20 banks have already met the recapitalization requirement.

The apex bank had initially raised the minimum capital requirements for banks in March 2024.